Essen-based Greenlyte Carbon Technologies, a leading European Direct Air Capture startup, has announced the closing of a €10.5 million pre-series A round. In addition to the large participation of all investors, namely Earlybird Venture Capital, Green Generation Fund, Carbon Removal Partners, and Board member Dr. Udo Jung, Partech joined the investor group.
The round follows strong commercial traction in the form of partnerships and high-value offtake agreements, and Greenlyte winning two grants from the European Fund for Regional Developments. The company has now raised over €20 million since its inception 18 months ago, equity and grants combined.
Founded at the end of 2022 by Florian Hildebrand, Dr. Niklas Friederichsen, and Dr. Peter Behr, Greenlyte specializes in a direct air capturing (DAC) system that efficiently removes CO2 from the atmosphere using a liquid-sorbent solution with minimal energy and producing hydrogen as a byproduct. This innovative process can be fully integrated with renewable energies and doesn’t rely on high heat or pressure. The generated CO2 and hydrogen can then be used as feedstock for chemicals, construction materials, and alternative fuels, or to create negative emissions.
Florian Hildebrand, CEO and co-founder of Greenlyte, said: “2023 was one of the worst years showing the detrimental effects of global warming. In Q4 2023, it became clear that the demand for DAC was at a pivotal stage. With the new funds, we will be able to grow our team from 30 to 50 people, allowing us to perform technology development and deployment in parallel with our expedited go-to-market, accelerate our scaling, and drive down costs more rapidly. The round is proof of our ambition to build a global DAC champion fast.”
Dr. Hendrik Brandis, Earlybird Co-Founder and Partner, commented: “Greenlyte’s swift progress and ability to secure over €20 million in such a short period of time is a clear indicator of the market’s trust in their offering. We are convinced that their DAC technology will make a real difference in the world and are proud to continue supporting Greenlyte’s team in advancing DAC technology.”
Janna Ensthaler, Green Generation Fund Co-Founder and Partner, added: “As early endorsers, we at Green Generation Fund are thrilled to support Greenlyte´s exceptional team and its groundbreaking DAC technology. Florian, Niklas & Peter have combined scientific expertise, can-do spirit, and operational excellence since day one.”
Max Zeller, Co-Founder and Partner at Carbon Removal Partners, said: “Greenlyte Carbon Technologies (GCT) is among the strongest teams globally when it comes to developing and implementing Direct Air Capture technology. This fact is underlined by GCT’s outstanding market traction and the new funding is a pure translation of the company’s increased ambition to develop and scale faster.”
Romain Lavault, General Partner at Partech, added: “It is a very rare occurrence in the life of an investor to meet a team that combines deep tech expertise, scale-up know-how, and the ability to execute extremely quickly. The progress I have witnessed at Greenlyte reminds me of the early days of SpaceX, with this combination of pragmatism, determination, and ambition. I am excited to join the board of Greenlyte and assist Florian, Niklas, and Peter in building the undisputed leader of Carbon Capture.”
Read the orginal article: https://www.eu-startups.com/2024/03/german-direct-air-capture-startup-greenlyte-raises-e10-5-million-to-efficiently-remove-co2-from-the-atmosphere/
